In today’s times, everyone wants to invest a portion of their income in savings or investment plans to secure their future. In addition to bank FDs, mutual funds, PPF, and government schemes, the Life Insurance Corporation of India (LIC) also offers excellent options for investors. Some of its traditional policies not only provide insurance cover but also ensure good returns over the long term.
What is the Jeevan Umang Policy and Why is it Special?
LIC’s Jeevan Umang Policy is considered one of the company’s most popular and beneficial plans. It is a whole life insurance plan that provides policyholders with life cover for up to 100 years. The biggest highlight of this plan is that it combines both investment and protection. This means you invest and get insurance cover.
A fund of up to Rs 27.60 lakh for Rs 1300
The biggest advantage of this policy is that if an individual invests approximately Rs 1302 every month, the annual premium accumulated is Rs 15,298. If the investment period is 30 years, the total investment is Rs 4.58 lakh. This yields a return of approximately Rs 40,000 per year, resulting in a total fund of Rs 27.5 lakh over a period of 30 to 100 years.
Who can invest and what are the conditions?
The minimum age to invest in the Jeevan Umang policy is 3 years, and the maximum is 55 years. A minimum sum assured of Rs 2 lakh is required under this plan. The premium payment term is available in 15, 20, 25, and 30 years. This plan is especially beneficial for those who want both a regular income and security over a long period.
Jeevan Anand and Jeevan Shanti Policies
In addition to Jeevan Umang, LIC policies like Jeevan Anand and Jeevan Shanti are also very popular among investors. The Jeevan Anand policy offers insurance protection along with bonus benefits, while the Jeevan Shanti policy is an excellent way to provide a stable income after retirement. It’s important to carefully compare the terms, premiums, and returns of each of these plans before investing.
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Where and How to Buy
LIC policies can be purchased online or applied for through a nearby LIC agent. Before applying, it’s important to familiarize yourself with all the policy terms, premium rates, and bonus rates to ensure a safe and profitable investment.